India, one of the world’s fastest-growing economies, has finally been given the opportunity to implement its global vision and grand plan, and the South Asian region will gain from India’s leadership in the G-20.
On December 1st, India took over the G20 Presidency from Indonesia, and the G20 Leaders’ Summit at the level of Heads of State / Government will be held in New Delhi on September 9th and 10th, 2023. From 1 December 2022 to 30 November 2023, India will preside over the G20. The Group of Twenty (G20) is an international forum made up of 19 nations plus the European Union.
It focuses on significant global economic challenges such as international financial stability, climate change mitigation, and sustainable development. India will host over 200 meetings in over 50 cities across 32 distinct work streams, providing G20 delegates and guests with a taste of India’s rich cultural legacy and a unique Indian experience. India’s G20 Presidency would be a watershed point in her history as it aspires to play a key role by developing pragmatic global solutions for the benefit of everyone, and in doing so, exhibit the real spirit of ‘Vasudhaiva Kutumbakam’ or the ‘World is One Family’.
During its G20 presidency, India’s inclusivity and multilateral diplomacy policy will be put to the test. The Indian response to Russia’s invasion of Ukraine has also aroused questions in the EU and other Western countries.
Furthermore, there is little question that India’s G20 presidency will provide the South Asian region, particularly Sri Lanka, with a significant opportunity to recover from its economic crisis.
The prospects for Sri Lanka, as a neighboring nation of India, to participate in G20 activity were recently reviewed by Sri Lanka’s High Commissioner to India, Milinda Moragoda, and Harsh Vardhan Shringla, Chief Coordinator for India’s G20 Presidency for 2023.
The two met in New Delhi to explore ways for Sri Lanka to interact with the G20 during India’s leadership of the organization. The debate also centered on the prospect of comprehending the G20’s approach to international financial cooperation and debt restructuring.
Farjana Sharmin, Doctoral Candidate at South Asian University’s Department of International Relations, Faculty of Social Sciences, New Delhi, believes that India can do a lot for South Asia before the next summit. “But the most daunting element facing India would be to leverage the G-20 forum to address geopolitical security challenges and lessen the gap between member states. “India has the potential to play a pivotal role in resolving the post-pandemic economic crisis,” Sharmin remarked.
Sharmin emphasized how tiny nations have lost trust in global governance and order as a result of large power sovereignty challenges and wealthy countries’ dominance in creating economic standards. “These concerns have long-term consequences for the Global South. So, India is a beacon of hope for many nations in the global south, and it should incorporate the perspectives of the least developed countries and make opportunities available to those countries who are not direct members of the G-20,” she added.
As President of the G20, India has the opportunity to shape deliberations on problems that are increasingly crucial for development and progress. Economic stability, climate change, the pursuit of SDG 2030 targets, energy and health security, food, fertiliser, and fuel security are the concerns that are covered.
The current Ukraine-Russia war has had a negative impact on economies throughout the continents, and nations are more divided politically than ever before. India is now undergoing geopolitical and geoeconomic transformations that are unpredictable. This is causing friction between the states over the issues, with no apparent solution in sight. The Covid-19 epidemic revealed the region’s weak health infrastructure, since governments were unable to deal with such a large-scale health problem. Universal health care is one of the United Nations’ Sustainable Development Goals (SDGs), which the G20 also supports. According to the World Health Organization’s report Tracking Universal Health Coverage, issued in 2021, South Asian nations lag far behind in delivering health services to their citizens.
India will try to give the global south a voice while also pushing agendas that impact developing nations. Reforming international institutions, health, education, gender, climate, and the environment are all priorities.
These are some of the concerns affecting the region. Since India’s foreign policy has historically prioritized its neighbors, it must utilize its G20 leadership to advance agendas while keeping the greater interests of the region in mind.
During its G-20 presidency, India can demonstrate and assist other developing countries in building on education, commerce, technology, and the economy through blended learning and cooperation. India currently has a rare opportunity to exhibit its acclaimed potential as the world leader in this field.